Hartford Business Journal

December 13, 2021

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2 HARTFORDBUSINESS.COM | DECEMBER 13, 2021 Biz Briefs Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Zachary Vasile | Web Editor, ext. 128 zvasile@hartfordbusiness.com Beat: Energy Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Robert Storace | Staff Writer, ext. 127 rstorace@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Valerie Clark | Director of Audience Development, ext. 332 vclark@nebusinessmedia.com Jill Coran | Human Resources Manager jcoran@nebusinessmedia.com Megan Mason | Operations Assistant, mmason@hartfordbusiness.com Production Christie Novotny | Production Director, ext. 147 cnovotny@hartfordbusiness.com Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Subscriptions Annual subscriptions are $110.00. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@ cambeywest.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hartford- Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www. hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 There are plans to convert the Hartford Hilton hotel into apartments. The Hartford's Asylum Hill headquarters in Hartford. A rendering of the proposed mixed-use apartment development in West Hartford on Farmington Avenue. PHOTO | COSTAR L osing money and dependent for survival on soon-to-end federal COVID-19 relief funds, downtown Hartford's Hilton hotel is seeking to convert more than half of its guest rooms to apartments. The Capital Region Development Authority's Housing and Neighborhood Committee has given its blessing to a concept that would grant millions in CRDA loans to back conversion of a portion of the hotel and upgrades for the remaining hotel rooms. The Waterford Group, owner of the 390-room hotel on Trumbull Street, plans to renovate and maintain 166 hotel rooms operating on the lower floors, CRDA Executive Director Michael W. Freimuth told committee members. A separate developer — Randy Salvatore of RMS Cos., developer of the Downtown North project — would convert upper floors into 147 apartments, Freimuth said. Twenty percent of the resulting housing will be affordable, he said. Salvatore said he is partnering with the Wolman family – principals of the Waterford Group – to build apartments on the 11th through 22nd floors. Downtown North developer Salvatore wants to convert upper floors of Hartford Hilton hotel into apartments PHOTO | COSTAR RENDERING | CONTRIBUTED The Hartford delaying return to office following omicron variant concerns The recent emergence of the COVID-19 omicron variant is prompting a major Hartford employer to delay the return of senior leaders to its offices. In a statement, Matthew Sturdevant, a spokesman for property and casualty insurer The Hartford, said plans to have the company's senior leaders return in-person on Dec. 6, ahead of most other employees, was called off. "Out of an abundance of caution, 48-unit, mixed-use apartment redevelopment proposed near Blue Back Square Some prominent Greater Hartford developers are looking to transform two West Hartford offices into a we are delaying the return of senior leaders to the office as scientists and medical experts work to understand the new virus variant, omicron, and its implications for transmissibility and vaccine effectiveness," Sturdevant said. "We had planned for senior leaders to return on Dec. 6, and will determine a new date in the weeks ahead." The company will, however, move forward with plans to bring many workers back to the office by Jan. 18, a date first announced in October. single, mixed-use residential and commercial building. Avner Krohn, Brian Zelman and Richard and Zach Korris — who together own the two existing buildings as Farmington Avenue Acquisitions LLC — submitted plans to town officials Dec. 3, outlining a 48-unit structure that would be put up at what is now 920 and 924 Farmington Ave., near the Blue Back Square shopping center. The developers said the proposed building would have 40 one-bedroom apartments and eight two-bedroom units. The ground floor would be used as commercial space, they added, and 61 parking spaces would be set up outside to serve residents and visitors. Current plans do not include a restaurant for the ground floor, according to Richard Korris. Instead, the space could be occupied by up to three different commercial tenants, Korris said. According to town property records, the land where the new development would be built is currently occupied by two structures — a 13,650-square-foot, single-story office building at 920 Farmington Ave. and a 12,240-square-foot, three- story building at 924 Farmington Ave., used for offices and storage space. Hartford Chamber, city launching $6M grant program to help landlords fill empty storefronts The Hartford Chamber of Commerce is rolling out a new program designed to help owners of retail spaces left vacant by the COVID-19 pandemic attract new tenants to their buildings. Chamber officials said the new Hart Lift program will channel up to $6 million in American Rescue Plan funding to property owners to help them redevelop or improve their empty, ground-floor storefronts, with the ultimate goal of reducing the now widespread vacancies along major commercial corridors in the city, including the downtown area. Grants provided through the Hart Lift initiative can only be used for build-out costs for new or existing ground-floor units, the chamber said. Recipients can qualify for a grant of up to $50 per square foot of space, up to $150,000. Any grant awarded to property owners in the designated downtown area must be matched at 100% by the owner of the property, the proprietor, or through a combination of both parties; the required matching rate is 50% outside the downtown area.

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